Results 26,641-26,660 of 35,959 for speaker:Pearse Doherty

Written Answers — Department of Arts, Heritage and the Gaeltacht: Flood Prevention Measures (4 Dec 2014)

Pearse Doherty: 214. To ask the Minister for Arts, Heritage and the Gaeltacht if she is satisfied with the delay in reinstating a sea defence wall in Ards, Creeslough, County Donegal which was destroyed by storms; if she is further satisfied with her Department's stance on having the reinstatement delayed due to planning restrictions and red tape being imposed by her Department; if her attention has...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Pearse Doherty: The whistleblowers who supplied the dossier to the Central Bank are a number of agents who felt under immense pressure from the company to engage in the type of activities against which the Central Bank has found. I hope the case is not over because other areas need to be delved into. Where a servicer which has a contract with a financial institution to service loans, whether in arrears or...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Pearse Doherty: If a financial institution outsourced the servicing of its loan book to an entity, is it common practice to employ a company in this regard for the duration? Using the example of AIB, although it is regulated, say AIB sold its loan book to Certus for a five-year period and Certus was dealing with me, as an AIB customer. After the contract ran out, say AIB engaged a different servicing...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Pearse Doherty: May I ask the witnesses a question? I will understand if they cannot give an opinion on it because it is taking them down a line that is not clear in respect of the legislation or its intention. In the context of how the application of this proposal would mean it would be the responsibility of the servicers, the Central Bank has just adjudicated on the Provident moneylending scandal and in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Pearse Doherty: Is this not precisely the case in respect of a moneylender? I assume all moneylenders operate the same case. It is the moneylender, in this case Provident, which lends money and which takes in the money. It is the agents who service it, who go to the house and collect the fee. It is the agents who collect payment. Is this not dealing with the exact same thing albeit on a more micro level...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Pearse Doherty: I thank the witnesses for their presentations. I am not sure if they followed the earlier presentation from departmental officials who indicated there would be significant changes to the draft heads which have given rise to concern. The Bill is relatively short and FLAC has raised certain issues that probably should be addressed. The officials have indicated that the exemption for SPVs...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Pearse Doherty: Ms Murphy has proposed that where a loan book is sold to a regulated entity, the owner of the book shall be exempt. It appears that the Department plans to introduce such a provision, which will apply not only to entities which are currently regulated but also future entities because they will all be regulated as service providers under this legislation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Pearse Doherty: I am interested in Ms Murphy's views on the officials' comment about regulating the service provider rather than the owner. Mr. Hogan stated: Our intention is to allow access to the Financial Services Ombudsman for borrowers who are unhappy about any actions which affect them. Our intention, subject to the advice of the Office of the Attorney General, is that, if the regulated credit...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Pearse Doherty: Yes, okay. I understand that. Does the servicer face the same legal obligation as the owner? I refer to circumstances in which the servicer is contracting out in terms of engagement with the customer, but the owner still has legal ownership of the loan. Under the existing rules, are penalties imposed by the Financial Services Ombudsman and similar bodies on the servicer or on the owner?...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Pearse Doherty: I have a final question on this matter. We are thinking about this Bill in the context of the sale of loans from regulated entities to unregulated entities. The actual shape of the Bill has changed quite significantly. I want to tease that last point out by using the example of a case in which AIB serviced its loan book out to Certus. I am speaking hypothetically. As things stand, if I...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Pearse Doherty: I am not just-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Pearse Doherty: Okay.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Pearse Doherty: Yes. If AIB has outsourced my loan book to Certus - banks have entered into such contracts and are continuing to do so - Certus will be writing to me to tell me I have fallen into arrears, etc. If I believed it was not behaving appropriately and decided to go to the Financial Services Ombudsman on that basis, against which institution would the case be taken? At this time, it would be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Pearse Doherty: -----despite the fact that it has hired a company to engage with me. Is it not the case that under the proposed legislation, my claim would be against Certus in the first instance?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Pearse Doherty: Okay.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Pearse Doherty: Can Mr. Mac Donncha confirm that in the case of a regulated entity, such as AIB, Bank of Ireland or Permanent TSB, the servicer does not come into it and this section does not apply?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Pearse Doherty: I am keen to ensure that if this happens in the future, AIB, Bank of Ireland or any of the regulated entities will not be able to say "this is nothing to do with us; it is to do with Certus".

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Pearse Doherty: It does not change that relationship whatsoever.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Pearse Doherty: Okay.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee
General Scheme of Sale of Loan Books to Unregulated Third Parties Bill 2014: Discussion (3 Dec 2014)

Pearse Doherty: If we are going to see publication by the end of the year, it will be next year before we are actually dealing with this legislation and it is passed into law.